Tether suggests Türkiye consider issuing digital tokens for borate minerals

Tether Holdings Ltd. is trying to convince Turkey to use digital assets to overhaul the country's boron market, the latest sign that a pillar of the cryptocurrency industry is trying to tap the commodities industry for further growth. Stablecoin issuer Tether has presented a proposal to government officials to use blockchain technology to create digital tokens representing borate minerals, according to people familiar with the matter. Tether also floated the idea of ​​establishing a digital asset exchange in Istanbul. A Turkish government official said the boron proposal is not yet feasible, while an official at Turkey's Energy Ministry said talks with Tether are still in the early stages. Boron products are reportedly used in the manufacture of ceramics, detergents, fertilizers and glass. Turkey's monopoly supplier, the state-owned mining company Etimaden Mining General Directorate, estimates that the country's boron reserves account for more than 70% of the world's total reserves. (Bloomberg)